Student Loan Repayment Program/Opportunity Maine at the University of Maine System
The Student Loan Repayment Program, formerly known as Opportunity Maine is a tax credit that is administered by the Maine Revenue Service. Maine’s Student Loan Repayment Credit reimburses student loan payments for college graduates who live and work in Maine and has been expanded and simplified.The program is designed to provide tax benefits to Maine residents paying back eligible student loans. If you graduated from an accredited college anywhere, and live and work in the state of Maine during the tax year, then you may be eligible for tax credits based upon the amount of student loan payments that you have made during the year. The credit is limited to $2500 annually, up to a $25,000 lifetime cap, per taxpayer.
Beginning with associate, bachelor’s or graduate degrees completed after 2007, residents may be eligible to claim a significant tax credit to pay student loans after they graduate. For more information on program eligibility or credit amounts please go to Student Loan Repayment Program (External Site).
To take advantage of the Student Loan Repayment Program, please complete and submit the Student Loan Repayment Tax Credit Worksheet when you file your Maine income tax return. This Student Loan Repayment Program Worksheet can be found here (External Site).
Find answers to some Frequently Asked Questions
Please note: the University of Maine System recommends loans only for those students who absolutely cannot afford to pay by utilizing other sources. Loans create debt that can last for some time, so if you can afford college without using loans, we encourage you to do so.
University of Maine System Average Annual Tuition and Fees
For the academic year 2023-2024, University of Maine System average tuition and fees are $10.196. Tuition and fees for all subsequent academic years will be posted to this site by August of each year.